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Share-Based Compensation (Tables)
12 Months Ended
Jan. 29, 2022
Share-Based Compensation [Abstract]  
Total Compensation Expense and the Related Tax Benefits Recognized

Total compensation expense included in SG&A and the associated tax benefits recognized related to our share-based compensation plans, were as follows:

($ in millions)

2021

    

2020

    

2019

Options and shares purchased under the stock purchase plan

$

6

$

6

$

6

Restricted stock units and performance stock units

 

23

 

9

 

12

Total share-based compensation expense

$

29

$

15

$

18

Tax benefit recognized

$

3

$

2

$

2

Assumptions used to Compute Share-Based Compensation Expense

The following table shows the assumptions used to compute the share-based compensation expense:

Stock Option Plans

Stock Purchase Plan

 

2021

    

2020

    

2019

    

2021

    

2020

    

2019

 

Weighted-average risk free rate of interest

0.9

%  

0.5

%  

2.2

%  

0.1

%  

1.8

%  

2.2

%

Expected volatility

47

%  

37

%  

38

%  

45

%  

48

%  

54

%

Weighted-average expected award life (in years)

5.5

 

4.9

 

5.5

 

1.0

 

1.0

 

1.0

Dividend yield

1.5

%  

4.3

%  

2.6

%  

4.0

%  

4.2

%  

3.1

%

Weighted-average fair value

$

20.22

$

5.03

$

17.07

$

9.61

$

13.97

$

16.68

Options Granted under Stock Option Plans

The information set forth in the following table covers options granted under our stock option plans:

    

    

Weighted-

    

Weighted-

Number

Average

Average

of

Remaining

Exercise

Shares

Contractual Life

Price

(in thousands)

(in years)

(per share)

Options outstanding at the beginning of the year

 

3,540

 

$

47.17

Granted

 

183

 

 

53.82

Exercised

 

(311)

 

 

33.28

Expired or cancelled

 

(201)

 

 

47.93

Options outstanding at January 29, 2022

 

3,211

 

4.8

$

48.84

Options exercisable at January 29, 2022

 

2,472

 

3.7

$

53.70

Total Intrinsic Value of Options Exercised

The total intrinsic value of options exercised (the difference between the market price of the Company’s common stock on the exercise date and the price paid by the optionee to exercise the option) is presented below:

($ in millions)

2021

2020

2019

Exercised

$

8

$

3

$

5

Aggregate Intrinsic Value for Stock Options Outstanding and Exercisable

The aggregate intrinsic value for stock options outstanding, and those outstanding and exercisable (the difference between the closing stock price on the last trading day of the period and the exercise price of the options, multiplied by the number of in-the-money stock options) is presented below:

($ in millions)

2021

Outstanding

$

20

Outstanding and exercisable

$

8

Information about Stock Options Outstanding and Exercisable

The following table summarizes information about stock options outstanding and exercisable at January 29, 2022:

Options Outstanding

Options Exercisable

Weighted-

Average

Weighted-

Weighted-

Remaining

Average

Average

Range of Exercise

Number

Contractual

Exercise

Number

Exercise

Prices

    

Outstanding

    

Life

    

Price

    

Exercisable

    

Price

 

(in thousands, except prices per share and contractual life)

$21.60 - $36.51

 

965

6.2

$

23.91

 

467

$

26.32

$44.78 - $48.98

 

471

3.7

 

45.01

 

471

 

45.01

$53.61 - $58.94

 

523

6.5

 

56.71

 

282

 

57.94

$62.02 - $72.83

1,252

3.4

 

66.23

 

1,252

 

66.23

 

3,211

 

4.8

$

48.84

 

2,472

$

53.70

Restricted Share and Unit Activity

Weighted-Average

Number

Remaining

Weighted-Average

of

Contractual

Grant Date

Shares

Life

Fair Value

    

(in thousands)

    

(in years)

    

(per share)

Nonvested at beginning of year

 

1,348

 

$

38.48

Granted

 

450

 

 

54.28

Vested

 

(523)

 

 

43.58

Performance adjustment (1)

240

Forfeited

 

(124)

 

 

39.49

Nonvested at January 29, 2022

 

1,391

 

1.5

$

43.95

Aggregate value ($ in millions)

$

61

 

  

 

(1)This represents adjustments made to PSU awards reflecting changes in estimates based upon our current performance against predefined financial targets.